Even everlasting love won’t be able to overcome the economic recession.
The National Retail Federation’s 2009 Valentine’s Day Consumer Intentions and Actions survey found that consumers plan to spend on average $102.50 on all Valentine’s gifts this year, down 16.7 percent from last year’s $122.98.
“While some Americans will forego a gift and opt for quality time at home instead, others will simply set budgets and fixed amounts when exchanging presents,” said Phil Rist, executive vice president of strategic initiatives at BIGresearch, the company that conducted the survey, in a statement. “Valentine’s Day this year will be more about small tokens of affection rather than extravagant purchases.”
More than one-third (35.7 percent) of people will buy flowers, nearly the same as last year’s 35.9 percent, and 16 percent will buy jewelry, compared to 16.6 percent in 2008.
